Start off 2018 Smart: Financial Decisions to Make Your Small Business Flourish

Every day business owners have to deal with planning. Short- and long-term plans are the undeniable and necessary part of any business - small or big. It’s a constant process since it requires adjustments and corrections based on the periodical reports.

One of those plans includes financial decisions which are based on estimates. Analyzing data from the market and using the sales, production and cash forecasts, businesses are able to forecast financial actions. This is the job of CFO, but even the business owner needs to know more about finances to be able to work on the company’s growth.

Financial decisions don’t only mean that you should decide how to properly use your resources, but also how to gain more profit. Being profitable is the goal of any business since that is the way it will stay alive and grow bigger. So here are some financial decisions which will help your business flourish in 2018.

1.  Word-of-Mouth

Customers' loyalty is a significant part of any business. It not only gives you the steady business but also brings you, new consumers. Word-of-mouth is considered today one of the most used and successful marketing technique. And precisely the customers with a positive experience will be the ones using it. 

Creating a loyal customer base is not so much about the prices and location anymore. You have to communicate with your customers and form a bond on an emotional level. It proves that you value them and the trust they have in your products or services. The brands that inspire an emotional reaction from their customers have created more word-of-mouth marketing.

2. Customer experience

This type of relationship you have with your customers starts simply really. All it takes is that you treat them as human beings and not as statistics which will bring you gain. Creating so personal relationship takes effort and patience. You can start by addressing them regularly and asking for feedback through surveys and polls. This will help you to improve your products and services.

When it comes to questions and complaints, it’s imperative that you acknowledge them. All issues must be resolved and responded to in a timely manner without any delay or inconvenience to the customer. Even the positive messages should be answered and comment on. 

3.  Social media engagement

It is important to have a transparent communication on social media and to always use cordial voice when you talk to your customers. Never promote inappropriate language or discussions, nor use insults even if your customer is rude. The way you handle yourself will be your identity on social media based on which your customers and followers will build their opinion.

Another nice touch is if you organize giveaways and contests. You can ask your customers to write honest reviews of your products and create influencers that way which will promote your brand. Social media is perfect for these types of actions and can even be shared around so you can get more followers.

4. Brand ambassadors

Having brand ambassadors is one of the finest financial decisions for any business. You can hire a famous person to be the ambassador of your brand, but there is also another more trustworthy way. Your employees are the ones who know your products and services the best. More importantly, they are constantly working on them with your customers and market demands in mind. They know the competition and numbers, as well as how your business goals develop and where you are heading. 

One way to turn them into brand ambassadors is by being transparent and open to suggestions. You can do this by placing a suggestion box in the offices or organizing meetings for new ideas. Also, through regular team buildings and friendly environment, you can lift the spirits of your employees and create positive behaviour. This will have a long reach since your company will become desirable for job seekers, have a positive brand presence and also renown business identity.

5. Company culture

An approach towards the customers, products and services, as well as the relationship between colleagues, is something that can be learned. That is called company culture and is something fiercely promoted in the business world today. It’s defined in the value and practices you share with your employees through business conduction, space organization, communication and beliefs.

Offering recognition for the job well done and good ideas is something which will positively reflect on the manner your employees work. It will boost their confidence, inspire them to work on themselves and gain further knowledge about the job they do. This will also show that you have their backs and trust in them to be the right for the job.

Today’s employees find the company culture as important as the benefits and salary. That is why this is one of the most important ways to keep and increase the productivity of your business. As the saying goes: “A happy employee is a productive employee”. 

6. Regular accounting

Professionals like Dean Willcocks Advisory know that in times of financial difficulty, be it personal or business, it can be very emotional and stressful. This means that accounting should be taken care of in time and without any delay. Not only will regular accounting keep your finances in order but will save you from any penalties for unpaid taxes and irregularities. 

On the other hand, knowing what you spent, how much you are in debt and what you have at your disposal will help you plan the future dealings. Accounting is usually something you will find confusing and tiring so handling it from the beginning by hiring an expert or a company would be a good business decision.

Finally

Financial decisions sometimes start from looking at the bigger picture. Envision the goals you want to achieve and concentrate on the most appropriate and responsible way to get there. However, don’t do it alone. Investing in your employees well being and dedication, as well as education and office relations, will get you far and bring you positive brand identity, profit and recognition on the market.